Financial Inclusion Collider
Please send a ONE PAGE resume with a short statement of interest here. Deadline is October 9.
Note: Once teams are formed, invitations will be sent for an October 14 kickoff meeting.
Financial Inclusion is defined as ‘access to reasonably priced financial services from sound and sustainable financial institutions’. Over two billion adults in the world (38% of all adults) are financially excluded; including 1.7 billion people in the world do not have a legal identity. If people without access to credit or insurance products are included, the gap is even larger.
Progress has been made in recent years as programs such as M-PESA (Kenya) and Aadhar (India), a biometrics based digital identity firm, have reduced the gap. Many FinTech start-ups have also contributed solutions as improvements in Internet access and mobile infrastructure have lead to increased smartphone usage and access to alternate data sources. Governments, financial institutions, VCs as well as non-profit foundations have funded these programs.
Resembling a hackathon, teams of 3-4 students will be asked to study the gaps by geography, identify user needs and propose technology solutions. This project model can result in a new venture or micro acquisition. Teams will present their solutions and be evaluated on innovation, impact, and progress toward a minimum viable product. The challenge provides an opportunity to make a real difference in the lives of billions of people. Given the social and economic significance of the project, several funding options can be explored.
Who should join?
We are looking for undergrads and grad students studying Computer Science, Finance, Economics, Electrical Engineering, Data Science, Social Psychology or any others with experience or deep interest in Fintech, impact investing, machine learning and UI/UX.